Selling your community?
Consider a credit in escrow for your WMA dues

Are you selling your mobilehome community and have a current WMA membership for that property? Consider a credit in escrow for your WMA dues.

As stated on the WMA membership application, WMA dues are not refundable, and the Bylaws state that WMA membership remains with the community for the new owner after a sale. However, this does not mean one cannot recover the cost of remaining membership dues. Park owners selling their communities can specify that their WMA membership dues be prorated in escrow, similar to the way escrow handles taxes, insurance and other items paid up front for a specified period of time. This process can be used as an incentive to the buyer.

For example, if a seller paid $1,200 in dues for the year and escrow closed after five months into the paid member period, the new owner would pay a prorated amount of $700 to the seller for the community’s remaining term as a WMA member.

To undergo this process, a seller should inform his escrow agent that he wants to prorate his WMA dues in escrow, and get the buyer’s agreement on the deposit receipt/purchase contract, as well as the escrow instructions.

In addition, sellers who have maintained current WMA membership for the property being sold are encouraged to contact WMA and provide the contact information of the new owners, upon closure of the community’s sale.

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WMA Member Benefits

May 2012 issue of Reporter magazine.
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